Russia ramps up oil exports to Asia — RT Business News


Moscow is ramping up oil shipments from its far eastern coast to meet growing mainland demand, Reuters sources say

Russia has boosted oil exports from the main eastern port of Kozmino to Asian countries by about a fifth, Reuters reported on Wednesday, citing people familiar with the matter.

According to the news agency, Russia’s Transneft has increased the amount of crude pumped to Kozmino via its main Asian oil route, the East Siberia Pacific Ocean (ESPO) pipeline, by 70,000 barrels per day (bpd). Transneft allegedly used chemical additives to speed up oil flows, unnamed sources said.

They said the additional supplies will allow Kozmino to increase overall loadings to some 900,000 bpd in the coming months, from an average of around 750,000 bpd so far this year. In 2021, Kozmino would have loaded around 720,000 bpd (35.1 million tonnes).

ESPO oil exports through Kozmino are expected to hit a record high of around 880,000 bpd in July, two of the sources said. The ESPO pipeline, which connects Russia’s Siberian oilfields to Kozmino and Chinese buyers overland, has an overall capacity of 1.64 million bpd.

READ MORE:
Asia Overtakes Europe as Top Buyer of Russian Oil – Bloomberg

Moscow said earlier it hoped to redirect energy exports west to east, to meet growing demand from Asia. Asian countries became the biggest importers of Russian oil for the first time in April 2022, according to Bloomberg.

Chinese and Indian companies have stepped up their purchases of Russian crude over the past three months, eager to take advantage of reduced rates. Statistics show that Russian oil exports to India jumped almost 25 times in May compared to the same period last year.

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